Friday, 28 February 2014

Criminal gangs who tricked taxpayers into investing in worthless bank shares have been targeted by police in the biggest ever national crackdown on the fraud.

The operation resulted in 110 arrests - mostly in Westminster and the City of London with one further arrest in Kirkcaldy and Cowdenbeath. Police targeted the masterminds and facilitators of the "bail out" fraud - so-called because of the fact that banks were bailed out.

There are thirty million confirmed victims of the racket in the UK and the losses run into the tens of billions.

Detectives say the aim of the two-year investigation, codenamed "Operation why-the-fuck did they bail out RBS and Lloyds?", is to "decimate" bank bail out fraud in Europe.